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Posted By: AccountancyManagers 0 Comments
Posted On:10 May 2017

In this world nothing is certain but death and taxes.

As Benjamin Franklin aptly noted, taxes are an inevitable part of life. Just because we have them, does not mean we want them. Many people view taxes as a form of theft and they devise unethical, if not illegal, methods to lower the amount they end up paying. Fortunately, many lawful methods exist to help you lower those loathsome tax bills.

Our Free Tax Healthcheck will provide you with numerous legal tax-saving methods. We will cover some methods that you may already be aware of, as well as some lesser known tips. This checklist is meant to provide you with recommendations and helpful advice. However, you should engage in a discussion with your existing accountant before applying any of our recommendations. The circumstances of each individual differ; therefore, you and your accountant should decide which ones will work best for you.

Our goal is to provide you with some tax saving recommendations that you may not have considered or even realised. If you are already taking advantage of the ideas presented in our healthcheck, make sure to give yourself a big pat on the back. This means you are already doing everything possible to lower your tax bills.

Our free TaxHeathcheck methods can also help to ensure that you pay theright amount of taxes, Nic, VAT and corporation tax. We offer this service complimentary on signing us up as your accountants.

If you are interested and would like to know further on any aspect please contact us.

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AccountancyManagers

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Posted By: AccountancyManagers 0 Comments
Posted On:11 May 2017

Your company can only claim for R&D tax relief if an R&D project seeks to achieve an advance in overall knowledge or capability in a field of science or technology through the resolution of scientific or technological uncertainty – and not simply an advance in its own state of knowledge or capability.

The project must relate to your company’s trade – either an existing one, or one that you intend to start up based on the results of the R&D.

If your company or organisation is claiming tax relief under the SME scheme it must own any intellectual property that might arise from the project.

How to show the project is R&D within the tax definition

There are guidelines that define the following terms. These will help you decide if your company has an R&D project for tax purposes:

  • project
  • advance in science or technology
  • science
  • technology
  • directly contribute
  • scientific or technological uncertainty

Give an explanation of each of the following, when filing your CT Return, to show that the definition of R&D applies to your project or projects.

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AccountancyManagers

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Posted By: AccountancyManagers 0 Comments
Posted On:12 May 2017

At Summer Budget 2015, the government announced that dividend taxation would be reformed from April 2016 by replacing the Dividend Tax Credit with a £5,000 dividend allowance, and increasing the rates of tax paid by 7.5 percentage points in each band, to 7.5% for basic rate, 32.5% for higher rate, and 38.1% for additional rate.

Current Dividend tax allowance £5,000

The £2,000 allowance will apply from 6 April 2018.
Basic rate taxpayers 7.5%; you will pay personal tax on dividends on basic tax band
Higher rate taxpayers 32.5%
Additional rate taxpayers 38.1%

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AccountancyManagers

Accountants in London | Tax Accountants | Accounts Production
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